Severe Weather Bar

After explosive growth at Square, Chase launches own version

Business

FILE – This Sept. 13, 2014, file photo, shows the Chase bank logo in New York. JPMorgan Chase says profits improved marginally in the third quarter, a notable change after the nation’s largest bank had to set aside billions in the last two quarters to cover losses from the coronavirus pandemic. The New York-based bank said it earned a profit of $9.44 billion, or $2.92 a share, in the July to September period. (AP Photo/Frank Franklin II, File)

Countdown to the Big Game on WOWK
February 07 2021 06:00 pm

NEW YORK (AP) — After watching the explosive growth at electronic payment start-ups like Jack Dorsey’s Square, JPMorgan Chase has launched its own version to lure small business owners increasingly relying on technology during the pandemic.

This image provided by JPMorgan Chase shows the their new electronic payment platform and mobile card reader. After watching the explosive growth at electronic payment start-ups like Jack Dorsey’s Square, JPMorgan Chase has launched its own version to lure small business owners increasingly relying on technology during the pandemic. (JPMorgan Chase via AP)

The bank’s new QuickAccept checking account will allow businesses to process card payments almost instantly.

Mobile payment platforms from Square and others had already become ubiquitous at small businesses, from restaurants to farmer’s markets.

The pandemic has accelerated that trend, with so many small businesses making transactions through a window or other barriers. Quarterly sales growth at Square jumped than 64% in its most recent quarter. Square was founded in 2009 by Dorsey, who is also the founder and CEO of Twitter.

For local and breaking news, weather alerts, video and more, download the FREE WOWK 13 News App from the Apple App Store or the Google Play Store.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download the FREE WOWK 13 News App

Washington DC Bureau

More Washington DC Bureau

Don't Miss

Trending Stories